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Eurozone industrial production jumps more-than-expected

A surge in Eurozone industrial production, which rose at the fastest pace in three-and-half years, raised confidence on Tuesday that the region's economy will likely have expanded for a third straight quarter in the home straight of the year.

Specifically, data from Eurostat showed on Tuesday that industrial output in November rose 1.8% month-on-month and 3% on the year. This was the largest surge since May 2010 and August 2011, respectively, and easily beat consensus expectations for a 1.4% increase in both figures.

On another positive note, October's data was also revised upwards, with the monthly rate of expansion increasing to 0.5% from the prior 0.2% and the yearly pace of contraction moderating to a fall of 0.8% from the initial rate of decline of 1.1%.

Although most subindices registered growth, an annual drop of 0.8% in November durable consumer goods might suggest continued weakness in household confidence as unemployment for the area remains at record highs.

Eurozone gross domestic product (GDP) data is scheduled to be published on February 14th.

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